The ASEAN and Asia-Pacific Economic Cooperation, APEC Business Advisory Councils of Brunei in collaboration with the Ministry of Finance and Economy recently organised the Brunei Digital Economy Forum 2024 themed “The Future of Digital Trade in Brunei”.
The forum highlights the significant opportunities presented by the National Digital Payment Hub, a key part of Brunei’s Digital Economy Master Plan 2025, which aims to transform the nation into a “Smart Nation” by 2025.
In her opening remarks, Chair of ASEAN Business Advisory Council Brunei and CEO of Dynamik Technologies,Haslina Taib outlined the important role of Brunei’s upcoming digital initiatives, including the National Digital Payment Hub.
“As the digital landscape rapidly evolves, Brunei stands at the edge of a new era of growth. The National Digital Payment Hub is a key milestone in modernising how we do business, both locally and globally,” she said.
She noted that the National Digital Payment Hub would not only improve domestic financial transactions but also boost regional trade by facilitating seamless cross-border payments.
“This platform is envisioned to simplify transactions and create new opportunities for our entrepreneurs, SMEs, and industries, not only locally but also for our businesses to expand into overseas markets,” Haslina stated.
Haslina also underscored the importance of learning from regional neighbours that have made significant progress in digital payments.
“Brunei is on a similar path, and by learning from our neighbours, we’re positioning ourselves to turn these opportunities into realities and ensure our economy remains competitive in the global market,” she shared.
The system will bring Brunei closer to a more integrated regional economy. “With Brunei’s national QR payment system set to launch soon, we are on the brink of a seamless payment experience across ASEAN,” added Haslina.
She believes this development will also revolutionise cross-border transactions, “offering game-changing opportunities for businesses to expand and access new markets across the region.”
Emphasising on the important role of the private sector, she stated, “The private sector is the engine of growth and its innovation and collaboration will drive Brunei’s digital economy forward. Together with government initiatives, we are creating an ecosystem that foster entrepreneurship, support local content creation and promote sustainable growth”
Chair of the APEC Business Advisory Council Brunei and CEO of Standard Chartered Bank Pg Aki Ismasufian Pg Haji Ibrahim further echoed these sentiments.
He emphasised the significance of digital trade in driving economic growth.
“We’re diving into the future of Brunei’s digital economy and how it can help build a more connected and prosperous region. At APEC, we’ve been all about pushing the digital economy forward in the Asia -Pacific,” he shared.
“This year’s theme, ‘People, Business, Prosperity’, is our guiding star shaping our world on big topics like trade, digital transformation, sustainability and inclusion. We’re revamping our strategy towards the free trade area of the Asia -Pacific, the FTAAP, and working on strengthening the region’s trade networks,” he added.
“It’s all about making things easier for businesses and economies to thrive. Digital trade has become a major player in this conversation,” he noted.
The digital economy has transformed the way businesses operate, enabling even small enterprises to reach global markets. “It’s opening doors for businesses big and small to tap into the global markets,” he added, highlighting the democratizing potential of digital platforms.
Pg Aki noted that FinTech, especially in payments, is really shaking things up, making businesses smoother and opening doors for financial inclusion.
He shared that a notable example of this transformation is the National Digital Payment Hub, designed to simplify payment processes, reduce costs, and enhance connectivity with global markets.
As digitalisation accelerates, Pg Aki also highlighted the pressing issue of cybersecurity and the need for robust safeguards to protect the integrity of digital transactions and maintain public trust in the evolving digital landscape.
He added that In today’s interconnected world, individuals and organizations face heightened vulnerabilities to cyber threats, including data breaches and ransomware attacks.
“Therefore, adopting a proactive stance towards cybersecurity is equally important,” Pg Aki concluded.
THE BRUNEIAN | BANDAR SERI BEGAWAN
